I’m too sexy for my shirt too sexy for my shirt
So sexy it hurts
And I’m too sexy for Milan too sexy for Milan
New York and Japan
And I’m too sexy for your party
Too sexy for your party
No way I’m disco dancing
I’m too sexy for my car too sexy for my car
Too sexy by far
And I’m too sexy for my hat
Too sexy for my hat what do you think about that
I’m Too Sexy — Right Said Fred
During the bubble, weren’t we all so enamored with real estate that it was sexy? I imagine when the person who purchased today’s property felt pretty as a Peacock when they bought it. After all, they were about to become rich beyond anyone’s wildest dreams — or so they thought. Fast forward 18 months, and their property is in repossession. I doubt that was a turn on.
Asking Price: $619,000
Purchase Price: $497,768
Purchase Date: 3/9/2006
Address: 5 Peacock, Irvine, CA 92604
Sales History
Date Price
06/06/2007 $497,768
11/17/2005 $630,000
04/17/2003 $386,000
09/13/1993 $198,000
1st Loan $472,500
2nd Mtg. $157,500
Downpayment $0
Beds: 3
Baths: 2.5
Sq. Ft.: 1,665
$/Sq. Ft.: $372
Lot Size: 2,720 sq. ft.
Year Built: 1975
Stories: 2
Type: Single Family Residence
View: Park or Green Belt
County: Orange
Neighborhood: El Camino Real
MLS#: S499390
Status: Active
On Redfin: 22 days
From Redfin, “Great value on gorgeous remodel! Granite counters, matching stainless a ppliances, french doors, fireplace, new carpet, custom paint, cathedral ceilings, central air, private courtyard and attached 2 car garage. All located on quiet cul-de-sac near association pool and jacuzzi. Low asssociation with easy walk to shopping and schools. No mello roos.”
asssociation? Is that a ssstudder?
.
.
In my opinion, this neighborhood is not very desirable. The properties themselves are spacious and the grounds are well maintained, but you have the high school on one side and a commercial center on the other. You could walk to Heritage Park, but you have to pass in front of the high school to do it. This neighborhood lacks the peacefulness and walkability of most Irvine villages.
Being a less desirable neighborhood, it would have been a prime target for flippers as properties could be picked up less expensively. It isn’t hard to imagine the thought process of the flipper: “Buy a cheap property for no money down, and hold it for a profit. If it doesn’t go up in value, who cares, just walk away.” Unfortunately, this will probably work.
So here we have another 100% financing deal gone bad. What a surprise.
Even bears know how to relax…
Collapsing stock market…
Collapsing credit market…
Collapsing real estate market…
We live in interesting times…
—–
Gorgeous remodel?? Huh, where? They certainly didn’t do anything to the outside. That classic 1970’s plywood garage door is to die for…… This home has less curb appeal than the average homeless shelter.
IR,
I love the cartoon… think you for brightening up this rainy, hot Raleigh day! I can hear OC calling… at this rate I’ll be back in 09! I thought Westpark… now I’m thinking Laguna Beach. LOL
from 2nd loan, he/she covers the holding cost.
If I were the flipper, I would walk away , not wasting sweet 157.5K.
Bank is again the bagholder
…it also STILL has the wood-shake roof. This needs to be replaced and God knows what other damage there is on the roofing and exterior.
A professional inspection is a must here and since it was built in 75, I am sure the place needs to be tented. Notice the flat roofing above the garage. That needs a roof inspector.
Given the lot size, this looks like a detached condo. The HOA dues seem pretty high at 195.
LOL…Zillow values it at 688k.
Hmmmm, I wonder which back issued $0 down interest only jumbo loan in June 2007. It must be CFC. There goes another one in the hole, and BofA thinks its a good investment in CFC. We all saw Enron. We can smell some banks, brokers, and mortgage companines follow Enron all over again.
I think BofA is positioning itself to absorb the processing unit of Countrywide after the collapse. I don’t see it as an endorsement of Countrywide’s future but as a bet on its demise.
Since this is a bank Repo. Can anybody confirm if opening bid at the trustee sale was $497,768. And hence, nobody with the know how and cash roll to buy REOs wanted it at $497.768.01?
I’mnot 100% clear if the trustee sale records the price with the county at the outstanding loan balance, or the outstanding loan and fees which is opening bid at the trustee sale. Can someone clarify?
As a minor note, since IHB is starting to have several REOs showing up, maybe making a format change for a REO property is in order to clarify it’s a REO. Something like:
REO Asking Price: $619,000
Trustee Takeback price: $497,768
Trustee Date: 6/6/2007
Original Purchase Price: $630,000
Original Purchase Date: 3/9/2006
Yes, that would make it more clear. I will contemplate it…
Silly, silly bank.
http://graphics8.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif
I wonder what does it look like now, a year later?
Processing? Are you meaning servicing or production?
I was thinking servicing, I personally think BofA has plenty of production people just fine. There’s a loan producer for every 4 people in SoCal. Just talk to him/her on your next visit to McDonalds.
Chuck Ponzi
Servicing. I should have been more clear.
WOAH!! The best article I’ve ever read is on MSN today. He basically explains in basic terms that we are all F’d.
http://articles.moneycentral.msn.com/Investing/SuperModels/RateCutsWontCureAilingMarket.aspx?GT1=10238
This is not a REO – someone did plunk down the cash to buy this house at the foreclosure auction. He came up with $497,768.44 at the auction, which is one cent more than the amount of the unpaid debt & costs. Since June 2007 he’s borrowed against the property, probably to perform the gorgeous “remodel”, and now obviously is trying to cash out. Looks like the foreclosure flippers are coming out of the woodwork now.
tim b,
would you mind sharing with us how you got these info?
thanks!
Thank you for posting.
I and not too surprised at the delays by the Irvine Company. When they are not selling houses in the projects they have, it makes sense to delay the next ones. If they open these new projects too soon, they will have a very difficult time closing out the old ones.
I work for a title company so I have access to property records in Southern California. I also have a lot of time lately to research properties on this blog — by the way I think this blog is fantastic…
Thank you, if you have any other information you want to share on any properties, you can post here or email me. I use FastWeb to obtain my data, and it is often slow to update and incomplete. It is far better than Redfin or other free sources, but it isn’t near as good as a live title company database.
Ouch, how much has been borrowed against. I don’t see much listed other than carpet, countertops, appliances and paint.
That’s maybe $7000? Okay, okay, countertops implies minor kitchen remodel, $20,000 totall. Unless it’s a Flip That House TV contestant in which case $40,000. Plus two months hold, but I assume he paid cash? Hope he’s an agent, otherwise the 5% will hurt.
Why take that risk for 10%?
Is there a link to the Newsweek article?
This article was picked up by Newsweek and the Washington Post:
http://www.slate.com/id/2171235/fr/flyout
That’s a 180 degree viewpoint from this one.
http://www.federalreserve.gov/boarddocs/speeches/2004/200403022/default.htm
Impac cuts jobs
Two lenders in Irvine are rocked by credit turmoil. BNC Mortgage is closing, and Impac laying off workers.
http://www.ocregister.com/money/mortgage-credit-loans-1818576-bnc-irvine
Mortgage mess claims new victims
Bracing for a flood of layoffs: The 21,000 job cuts this month in the housing and finance industries almost equal the number for all of 2006.
http://articles.moneycentral.msn.com/Investing/Extra/MortgageMessClaimsNewVictims.aspx
Just a few years ago, mortgage salesman Terry Orlowski rode the housing boom and a six-figure income down to the car dealership and bought a new Audi A6.
Now, the soaring market and the fast car are gone. Last week he lost his job, along with 6,000 other employees of First Magnus Financial, a mortgage lender. Now driving a 1999 Dodge Grand Caravan, he plans to move back in temporarily with his ex so their two children can stay in private school.
CEO calls for broker reform
Washington Mutual’s chief seeks improved education and standards for those who supply home loans.
http://www.latimes.com/business/la-fi-loans22aug22,1,790951.story?coll=la-headlines-business
Now the chief executive of the nation’s largest savings and loan, saying lending standards became irrationally lax in recent years, is supporting stricter professional requirements for mortgage brokers.
“They should have something like stockbrokers — licensing, testing, higher standards,” Washington Mutual Inc. Chief Executive Kerry Killinger said in a recent interview.
Sign of the times
Just got an Realtors card in the mail which reads as follows
————-
Dear Homeowner,
Are You Interested In Selling? We Have Buyers Looking In This Area!
Now Could Be The Right Time For You To Sell!
Please Call Us For A Confidential Evaluation Of Your Property’s Value.
You Have The Home…
We Have The Recipe For Success!
Let’s Work Together!
————-
All good, except I live in a rental apartment complex ….
Sue
That’s pretty funny. I got a flyer on my doorstep informing me that two Remax ™ Realtors ™ “Have the keys to my new home!!” I also got a solicitation the same day from a mortgage broker informing me I had been “pre-approved for a $100,000” Heloc on my home that I don’t own. I wonder if I fill it out he’ll send me the check anyway?